Guaranty Bank shuts down

Agents from the federal Office of the Comptroller of the Currency shut down Milwaukee-based Guaranty Bank suddenly on Friday, May 5. The bank, with 119 locations in five states, had been struggling since the Great Recession.

Most of Guaranty’s branches operated inside grocery stores.

In Madison, three bank locations inside Pick ’n Saves (Junction Road, Cahill Main, Monona Drive) closed.

Twelve standalone locations are now under the ownership of First-Citizens Bank & Trust Co. of North Carolina, which purchased Guaranty’s assets for $892.6 million and assumed all of its deposits.

Reportedly, Guaranty Bank employed 1,000 people.